Google will no longer allow advertisements for loans whose payment terms end up harming their clients.
He recently decided to ban from its search engine advertisements loan whose “conditions” are totally unfair and bring consumers vulnerable to an endless spiral of debt.
As of July 13, 2016, “prohibit advertising easy credit and certain related products in our advertising systems,” said the giant technology on its corporate blog.
The so – called “easy credit“, which was usually a very short term and very high interest rates, simply consist advance a sum of money, the customer agrees to return the day that charges their respective salary. Now if the loan in question is given online, the person must authorize the lender that the money from your bank account on the day agreed was removed.
“No advertising authorize more loans to 60 days. In the United States, also prohibit advertising of loans with annual interest is 36% or more, “Google said.
“This change seeks to protect our users from deceptive or harmful financial products, and will not affect those companies that propose real estate, commercial or revolving credit (such as credit cards) loans”, he added.
If someone searches Google exactly a loan to deduct from wages, companies that offer it appear among the results of the query. On the other hand, if someone searches for “money to buy food,” then you will not see any results of these these companies.
This initiative taken by Google was very well received by various associations dedicated to the defense of civil rights.
“These companies have long used misleading advertising and aggressive for consumers fall into the trap of loans outrageously high rates, in many cases for those who can not afford marketing , ” said Wade Henderson, who is the chairman of the Conference Leader on Civil and Human Rights.
“This ban puts easy credit to its rightful place beside the explosives and snuff among hazardous products that deserve the highest level of vigilance,” said Wade.
“It is broken and seeks help on the internet, should not surprise advertising easy credit that charge 1,000% interest” said Alvaro Bedoya, who is the executive director of the center for privacy and technology Georgetown University and invite other technology companies to follow the example of google.